China Surpasses the U.S. in Wealth of Top 10%

China Surpasses the U.S. in Wealth of Top 10%

DESPITE AN economic slowdown and facing increased tariffs from a trade war with the United States, China has surpassed America in having the highest number of residents in the top 10% of the world’s wealth. That is according to the 2019 Global Wealth Report, put together by Credit Suisse Group, a Swiss multinational investment bank and financial services company.


The report shows both the growing wealth and the rising inequality around the world and particularly in China, the world’s second-biggest economy. Public anger over inequality has helped fuel protests around the world this year.


“However, inequality has risen considerably since the year 2000,” say the authors of the 10th edition of the Credit Suisse wealth report. “China now has 4.4 million millionaires and achieved another landmark this year with 100 million members of the global top 10%, overtaking for the first time the 99 million members in the United States.”


In addition, the Chinese account for nearly half of the people considered to be in the middle class, with the Asian nation having managed to lift more than 850 million people out of poverty in the past 40 years.


Source: U.S. News

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